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Pick: What is a debt ceiling?

Voices of our Readers

To the Editor:
Once again we have to increase the debt ceiling. What is that? That’s when you spend more than you take in. Families go without — government just borrows more — they sell bonds. We borrow from Japan and China and must pay interest yearly. The rest we borrow from ourselves.
Case in point. The Social Security Administration, which has accumulated a surplus since it was first set up in the 1930s by FDR has invested all of our extra money in government bonds and currently owns $5 trillion worth of our national debt.
Then our elected folks tell us, “Sorry, no raise. We are out of money.” Stop spending and giving it to other countries.
Someone asked John Dillinger why he robbed banks. His answer was, “That’s where they keep the money.”
Leon Pick

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